Hindustan Oil Exploration Company Limited cancelled the acquisition of Hardy Exploration & Production Inc. from Hardy Oil and Gas plc.
October 01, 2019
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Hindustan Oil Exploration Company Limited (BSE:500186) entered into a conditional share purchase agreement to acquire Hardy Exploration & Production (India) Inc. from Hardy Oil and Gas plc (LSE:HDY) for $1.5 million on July 1, 2019. Under the terms of transaction, Hindustan Oil Exploration Company Limited shall pay the consideration in cash to Hardy Oil and Gas plc's solicitors within five business days of the date of signing of the agreement. Since the solicitors have received the consideration within the required period, the agreement is now binding. The consideration will be released to Hardy Oil and Gas plc on completion. As of July 15, a competing bid for Hardy Exploration & Production (India) Inc. was announced by Invenire Energy Private Ltd. Invenire Energy Private Ltd entered into an agreement to acquire Hardy Exploration & Production (India) Inc. for $3 million. The board has deemed the offer by Invenire Energy Private Ltd as superior and thus more profitable. Neither of the parties to the transaction has any right to terminate the agreement between signing and completion and the agreement is not subject to any other conditions. For the year ended March 31, 2019, Hardy Exploration & Production (India) Inc. reported a loss of approximately $58.3 million. The transaction is subject to the approval of the shareholders of Hardy Oil and Gas plc in relation to the transaction and transfer of listing and regulatory approvals. Following Completion, Hardy Exploration & Production (India) Inc. will cease to be part of Hardy Oil and Gas and shall be a "cash shell" with no subsidiaries or operational assets. The transaction shall have a long stop date of September 30, 2019.
Hindustan Oil Exploration Company Limited (BSE:500186) cancelled the acquisition of Hardy Exploration & Production (India) Inc. from Hardy Oil and Gas plc (LSE:HDY) on October 2, 2019.
Hindustan Oil Exploration Company Limited is an India-based oil and gas company. The Company is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore. Its asset portfolio consists of approximately 10 oil and gas blocks of discovered resources and one exploratory block. The Company's operations include Dirok, Kharsang, Umatara, Greater Dirok, B-80, PY-1, Asjol, North Balol, and Palej. The Dirok project produces approximately 50 billion cubic feet (BCF) of natural gas and approximately 1 million barrels (MMBBL) of condensate. The PY-1 field is in the offshore platform in Cauvery Basin with eight slots and four wells drilled. The Asjol Petroleum Mining License Block lies 25 km South-West of Mehsana town in Gujarat State covering area of about 15 square kilometers (km2). Its subsidiaries include Hindage Oilfield Services Limited, Geopetrol International Inc., Geopetrol Mauritius Limited and GeoEnpro Petroleum Limited.
HINDUSTAN OIL EXPLORATION COMPANY LIMITED 
